Naffles: An NFT Marketplace With a Difference

It was only this time last year that Opensea was the only NFT marketplace in town. Then in January ’22, LooksRare launched with much fanfare and big name endorsements. Since then, various other marketplaces have spawned – such as X2Y2, Blur and Gigamart – all of which have fired their shot at trying to dethrone the NFT king, Opensea.

What are navels?

Now with 2023 fast approaching, a new challenger has entered the ring – Naffles. Unlike the aforementioned marketplaces that operate in the standard way you’d expect, ie NFTs are listed by sellers, buyers browse collections and then buy, Naffles has a completely different setup previously unseen in the Web3 space.

The Naffles platform is a unique NFT exchange protocol that allows sellers to create customizable, verifiably fair lotteries to sell their assets. This raffle system removes two aspects of the NFT space that arguably cause most of the problems for people trying to buy and sell their JPEGs.

falling floor prices and undercuts

Within reason, the floor price does not affect how much a seller should set the price at anymore. Taking, for example, a floor Bored Ape – with the floor in the collection at 69ETH – the seller could set his lottery ticket to a 2000 ticket allocation at a cost of 0.04 per entry. When all the tickets are sold and the winner is drawn, Apen would have sold for a price of 80 ETH; 14ETH more than what they would have received on a standard marketplace. An added bonus, no one can undercut a raffle – hallelujah!

Illiquidity in nfts

As we know, illiquidity is a big problem in the NFT market. This is due to a few factors, namely that the number of active participants is reasonably low compared to other asset classes. Composition which is the amount of the active participants who have double digit value of ETH to drop on a purchase. Naffle’s low entry costs theoretically go a long way to solving that, as ticket prices to win blue chip NFTs can be the cost of a cup of coffee in some cases – rather than the cost of a house.

A marketplace like no other

Essentially, Naffles aims to be a marketplace like no other, appealing to the thriving dough culture of Web3 where (responsible!) gambling is celebrated, giving sellers a new way to offload their assets without having to lower their asking price, and to and with innovators. the way flippers can run their business with the possibility of low costs for purchases and subsequent higher profit margins for sales.

Also, there is no risk to list. If your raffle does not sell out your allocation of tickets, you can decide to sell anyway or simply cancel your entry. The draws are run on L2 scaling solution, zkSync, to minimize gas fees, and all winners are selected using Chainlink VRF so that everyone can verify, not just trust, the results of each draw.

Naffles is approaching its first coin, 300 Omnipotent Founders Keys, which will go live on 1/18. The launch of the Beta platform will follow soon after the Almighty Coin.

To find out more about Naffles, please visit the links below. As always, DYOR.